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1 \-•-, 1" T -,-.A_•,-... t!_ l' i p 1040 i 469.104 ECONOMIC DEVELOPMENT 0, . 469.104 SECTIONS THAT APPLY IF FEDERAL LIMIT APPLIES. ', 474A.01 to 474A.21 apply to obligations issued under sections 469.090 Sections 4.4 .10 _- :. to 469.108 that are limited by a federal limitation act as defined in section 474A.02, subdivision 9, or existing federal law as defined in section 474A.02, subdivision 8. 2- History: 1987 c 291 s 105 ti• t: i4 469.105 SALE OF PROPERTY. } Subdivision 1. Power. An economic development authority may sell and convey sl ; l• r an ter- I ;` property owned by it within the city ance a�e n the best1interests of the catytor districdt and mines that the sale and convey ` its people, and that the transaction furthers its general plan of economic development. ti This section is not limited by other law on powers of economic development authori- ties. Subd. 2.Notice;hearing.An authority shall hold a hearing on the sale.At the hear- t • ing a taxpayer may testify for or against the sale. At least ten, but not more than 20, days before the hearing the authority shall publish notice of the hearing on the proposed .- 111: sale in a newspaper.The newspaper must be published and have general circulation in the authority's county and city. The notice must describe the property to be sold and state the time and place of the hearing.The notice must also state that the public may 4.4 see the terms and conditions of the sale at the authority's office and that at the hearing ' the authority will meet to decide if the sale is advisable. .� Subd. 3. Decision; appeal. The authority shall make its findings and decision on =-* whether the sale is advisable and enter its decision on its records within 30 days of the hearing.A taxpayer may appeal the decision by filing a notice of appeal with the dist "' court in the city or economic development district's county and serving the notice the secretary of the authority, within 20 days after the decision is entered. to ed. e oon- 3 : ground for appeal is that the action of the authority was arbitrary, P _r, Crary to law. Subd. 4.Terms.The terms and conditions of sale of the property must include the ':4, . use that the bidder will be allowed to make of it. The authority may require the pur +'.,; chaser to file security to assure that the property will be given that use. In deciding the-, sale terms and conditions the authority may consider the nature of the proposed use_ and the relation of the use to the improvement of the authority's city and the business;;,-4 and the facilities of the authority in general. The sale must be made on the authority's: terms and conditions. The authoritsame mannermay publish asthe notice ofn thearing required :' : :, = property at the same time and in the "` in this section.The authority may award the sale to the bid considered by it to be most~,;.. favorable considering the price and the specified intended use.The authority may al {_' sell the property at private sale at a negotiated price if after its hearing the authori considers that sale to be in the public interest and to further the aims and purposes of? � : sections 469.090 to 469.108. Subd. 5. One-year deadline. Within one year from the date of purchase, the pui chaser shall devote the property to its intended use or begin work on the improvements:_.,. to the property to devote it to thaot property shall returnse.If the aser fails to do so,to it.The authority may extend e tth'� R cancel the sale and title to thep P y time to comply with a condition if the purchaser has good cause.The terms of sale ma ,2. { contain other provisions that the authority considers necessary and proper to prof_«,- r the public interest. A purchaser must not transfer title to the property within one y,-: of purchase without the consent of the authority. Subd. 6. Covenant running with the land. A sale made under this section in 1 incorporate in the deed as a covenant running with the land the conditions of sectio...- '`i, 469.090 to 469.108 relating to the use of the land.If the covenant is violated the au '' .. ity may declare a breach of the covenant and seek a judicial decree from the di =t, court declaring a forfeiture and a cancellation of the deed. • Subd. 7.Plans;specifications.A conveyance must not be made until the Pure!*` t'